SCHEDULE I - SCHEDULE I - Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015

SCHEDULE I [See Sub-Regulation (A) of Regulation 4] Exchange Earner's Foreign Currency (EEFC) Account Scheme 1. Limit up to which foreign currency may be credited to EEFC account (1) A person resident in India may credit to the EEFC Account with an Authorised Dealer in India 100 percent of the foreign exchange earnings as specified here under: i) inward remittance through banking channel, other than the remittance received pursuant to any undertaking given to the Reserve Bank or which represents foreign currency loan raised or investment received from outside India or those received for meeting specific obligations by the account holder; ii) payments received in foreign exchange by a 100 per cent Export Oriented Unit or a unit in (a) Export Processing Zone or (b) Software Technology Park or (c) Electronic Hardware Technology Park for supply of goods to similar such unit or to a unit in Domestic Tariff Area and also payments received in foreign exchange by a unit in Domestic Tariff Area for supply of goods to a unit in Special Economic Zone (SEZ); iii) payments received by an exporter from an account maintained with an authorised dealer for the purpose of counter trade, in accordance with the approval granted in terms of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 , as amended from time to time; iv) advance remittance received by an exporter towards export of goods or services; v) payment received for export of goods and services from India, out of funds representing repayment of State Credit in U.S. dollar held in the account of Bank for Foreign Economic Affairs, Moscow, with an authorised dealer in India; (vi) Professional earnings including director s fees, consultancy fees, lecture fees, honorarium and similar other earnings received by a professional by rendering services in his individual capacity. 1 [vii) Payments received in foreign exchange by an Indian startup, or any other entity as may be notified by the Reserve Bank in consultation with the Central Government, arising out of exports/ sales made by the said entity or its overseas subsidiaries, if any. Explanation: For the purpose of this schedule a startup means an entity which complies with the conditions laid down in Notification No. G.S.R 180(E), dated February 17, 2016 issued by Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India.] (2) For the purpose of the sub-paragraph (1), payment received through an international credit card for which reimbursement will be provided in foreign exchange may be regarded as a remittance through banking channels. 2. Permissible credits to EEFC account Following credits may be made to an EEFC Account, namely i) Inward remittance/ payment received by the recipient in foreign exchange subject to the provisions of paragraph (1); ii) Interest earned on the funds held in the account; iii) Re-credit of unutilised foreign currency earlier withdrawn from the account; iv) Amount representing repayment by the account holder's importer customer, of loan/ advances granted in terms of clause (iv) of Paragraph 3. v) Representing the disinvestment proceeds received by the resident accountholder on conversion of shares held by him to ADRs/ GDRs under the DR Scheme, 2014 approved by the Government of India 3. Permissible debits to the EEFC account Following debits may be made to an EEFC Account, namely - i) Payment outside India towards a current account transaction in accordance with the provisions of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and towards a capital account transaction permissible under the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 . ii) Payment in foreign exchange towards cost of goods purchased from a 100 percent Export Oriented Unit or a Unit in (a) Export Processing Zone or (b) Software Technology Park or (c) Electronic Hardware Technology Park iii) Payment of customs duty in accordance with the provisions of Export Import Policy of Central Government for the time being in force. iv) Trade related loans/ advances, by an exporter holding such account to his importer customer outside India, subject to compliance with the Foreign Exchange Management (Borrowing and Lending in Foreign Exchange) Regulations, 2000 . v) Payment in foreign exchange to a person resident in India for supply of goods/ services including payments for air fare and hotel expenditure. 4. Miscellaneous:- i) There is no restriction on withdrawal in rupees of funds held in an EEFC account. However, the amount so withdrawn in rupees cannot be re-credited to the account. ii) Authorised dealer may issue cheque books of separate series with the superscription EEFC Account to the account holders maintaining such accounts, and also satisfy himself while honouring the cheques that the payment made by the account holder by issue of a cheque is permissible under these Regulations. (iii) Resident individuals are permitted to include resident relative(s) as a joint holder(s) in their EEFC account on former or survivor basis. However, such resident Indian relative(s) shall not be eligible to operate the account during the life time of the resident account holder. Explanation For the purpose of this sub-regulation, relative means relative as defined in section 2(77) of the Companies Act, 2013 . -------------------- Notes:- 1. Inserted vide Not. 10(R)/(1)/2016-RB - Dated 1-6-2016